Which came closer to its stated multiple, STXL or STXU?

Over the window to Sep 30, 2026, STXL finished 17.1 points from what its multiple implies and STXU finished 17.5 points from its own, so STXL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are STXL and STXU levered on the same thing?

Yes. Both are levered on Seagate Technology, STXL at +2 times and STXU at +2 times the daily move.

Which one decays faster, STXL or STXU?

Decay follows how much the underlying moves about. Over this window STXL’s moved at 75% annualized and STXU’s at 75%, so STXL has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold STXL or STXU for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, STXL or STXU?

STXL charges 1.31% a year and STXU charges 0.75%, so STXU is cheaper. Fees come from each fund's prospectus.

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STXL vs STXU: which held to its multiple?

Over the days both have traded, STXL finished 17.1 points from its stated multiple and STXU 17.5. Defiance Daily Target 2X Long STX ETF and Leverage Shares 2X Long STX Daily ETF.

−15.4%

STXL returned, 3 months

−15.8%

STXU returned, 3 months

−17.1 pts

STXL from its stated multiple

−17.5 pts

STXU from its stated multiple

STXL · 3 months to Sep 30, 202617.1 pts short of its stated multiple

STXL returned −15.4% while 2 times STX's move would have been +1.7%

STXU · 3 months to Sep 30, 202617.5 pts short of its stated multiple

STXU returned −15.8% while 2 times STX's move would have been +1.7%

ETFIQ Decay Resistance Score · STXL scores higherDid it keep up with its own daily multiple, compounded day by day?

STXL 30.4

STXU 25.6

0.1, the lowest in this set99.9, the highest

A percentile among the 470 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	STXL	STXU	STXL	STXU	STXL	STXU
1 month	+20.0%	+20.0%	+22.9%	+22.9%	−2.8 pts	−2.9 pts
3 months	−15.4%	−15.8%	+1.7%	+1.7%	−17.1 pts	−17.5 pts
Since launch STXL Apr 2026 · STXU May 2026	+77.7%	−1.4%	+114.4%	+28.4%	−36.7 pts	−29.8 pts

STXL and STXU over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

STXL

Defiance Daily Target 2X Long STX ETF · Aims to return twice the daily move of Seagate Technology (STX)

STXU

Leverage Shares 2X Long STX Daily ETF · Aims to return twice the daily move of Seagate Technology (STX)

Issuer Defiance Leverage Shares

Sets out to return +2x +2x

Underlying asset STX STX

Segment company company

Fund returned, 3 months or since launch −15.4% −15.8%

Underlying returned, over that window +0.9% +0.9%

What the stated multiple implies, over that window +1.7% +1.7%

Difference from stated, over that window −17.1 pts −17.5 pts

Fund returned, 1 year or since launch +77.7% −1.4%

Difference from stated, over that window −36.7 pts −29.8 pts

Underlying volatility 75% 75%

Difference over the days both have traded −17.1 pts −17.5 pts

Expense ratio 1.31% 0.75%

Launched Apr 23, 2026 May 12, 2026

Net assets $20m $6m

STXL and STXU on the same fields, as of Sep 30, 2026. Source: ETFIQ.

STXL in plain words

Three months to Sep 30, 2026: STXL returned −15.4% where its own daily promise gave −11.9%, 3.5 points short. Read the multiple against the whole window instead and 2 times STX's 0.9% implies +1.7%, which makes STXL look 17.1 points short. 13.6 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. STXL aims to return +2 times STX's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. STX moved at 75% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

STXU in plain words

Three months to Sep 30, 2026: STXU returned −15.8% where its own daily promise gave −11.9%, 3.9 points short. Read the multiple against the whole window instead and 2 times STX's 0.9% implies +1.7%, which makes STXU look 17.5 points short. STXU aims to return +2 times STX's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, STXL or STXU?: Over the window to Sep 30, 2026, STXL finished 17.1 points from what its multiple implies and STXU finished 17.5 points from its own, so STXL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are STXL and STXU levered on the same thing?: Yes. Both are levered on Seagate Technology, STXL at +2 times and STXU at +2 times the daily move.
Which one decays faster, STXL or STXU?: Decay follows how much the underlying moves about. Over this window STXL’s moved at 75% annualized and STXU’s at 75%, so STXL has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold STXL or STXU for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, STXL or STXU?: STXL charges 1.31% a year and STXU charges 0.75%, so STXU is cheaper. Fees come from each fund's prospectus.

Other comparisons

STXL vs STXX STXU vs STXX

STXL on its own →STXU on its own →How every figure is computed →Standards and sources →

Where these figures came from

STXL filings on SEC EDGAR ↗STXL prospectus with the expense ratio (SEC) ↗Defiance page for STXL ↗STXU filings on SEC EDGAR ↗STXU prospectus with the expense ratio (SEC) ↗Leverage Shares website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, STXL against STXU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/stxl-vs-stxu

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.